The Board of Directors of the African Development Bank (AfDB) has approved a capital investment of $10.5 million in a venture capital fund to support innovative African businesses with strong growth potential. Out of the capital investment, AfDB is to contribute $7 million from its ordinary resources and $3.5 million from the European Union Boost […]
The African Development Bank (AfDB) has charged the first set of graduates from its Public Finance Management Academy for Africa (PFMA) to serve as standard-bearers for accountability in public finance system across Africa. The Bank’s Chief Economist and Vice President, Prof. Kevin Urama, who gave the charge in Abuja during the graduation ceremony for 51 […]
The World Bank on Thursday announced that it had approved the Nigeria Distributed Access through Renewable Energy Scale-up (DARES) project, which is financed by an International Development Association (IDA) credit of $750 million and will leverage over $1 billion of private capital and significant parallel financing from development partners, including $100 million from the Global […]
The President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has again warned that the introduction of a carbon border tax by the European Union (EU) could push Africa back into exporting raw commodities and undermine its industrialisation gains. The European Union recently launched the initial phase of a Europe-wide carbon tax on imported goods […]
President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has disclosed that Africa accounts for just three percent of the total $25.3 trillion global trade with most of the economies highly vulnerable to commodity price volatility. Adesina, who made remark while speaking on sustainable trade and energy mix at the Sustainable Trade Africa Conference […]
Italy has made a new commitment of €5 million to Africa’s sustainable energy future through the Sustainable Energy Fund for Africa (SEFA) Special Fund. A news report from African Press Organisation (APO) Group circulated on behalf of African Development Bank Group (AfDB) quoted the Italian Deputy Minister of Environment and Energy Security, Vannia Gava, as announcing […]
The Africa Finance Corporation (AFC), the leading infrastructure solutions provider on the continent, has announced its signing of a US$350 million long-term line of credit with the African Development Bank (AfDB) to urgently provide the needed financing for infrastructure projects to underpin sustainable development and economic growth in the continent. The agreement, which was signed […]
The Federal Government has approved a 50% reduction in the cost of agricultural inputs for farmers, aligning with the commencement of dry season farming, which kicked off last Saturday nationwide. The Federal Ministry of Agriculture and Food Security in a statement on Friday disclosed that the Minister of Agriculture, Abubakar Kyari, will lead the launch […]
The Rural Electrification Agency (REA) has launched a control room centre located at its headquarters in Abuja to ensure effective monitoring of mini-grids power facilities that are note connected to the national electricity grid. The agency’s initiative aligns with the introduction of new Energy Management System (EMS) policy to effectively monitor smaller electricity systems called […]
To reaffirm its commitment to collaborate with its 54 regional member-countries to support and implement projects and programmes for inclusive development in Africa, the African Development Bank (AfDB) last week hosted a ‘High-level Member-States Engagement Framework Workshop’ in Abidjan, Cote D’Ivoire. The event featured nearly 100 ministry of Foreign Affairs’ directors of protocol and Bank […]